5 top tips for first time small business owners

Like owning a home, for many Aussies saying goodbye to working for someone else is one of those big lifetime achievements that represents the ideal way of living – what could be better than being your own boss? While running your own business is far from idyllic and presents a unique range of challenges, it can be one of the most rewarding experiences of your life. If you have been thinking about venturing out on your own for a while, we have some top tips for first timers right here to help guide you through the transition.  

Focus your energy

You are much better off doing one or two things really well than doing ten different things at an okay standard. So focus your energy on what it is that you are good at and what you really want to provide for your clients. You could be approached by other businesses for partnerships or presented with opportunities to expand, but try to remain as clear-headed as possible. When you are just starting out, it may seem like you have to jump at every opportunity that comes up, but bear in mind that not everything is suitable and will contribute to the success of your business.    

Think like a start-up

Because you are fresh on the scene and possibly looking for financial backing, corporate partners or new clientele, you need to be ready to pitch your business to any potential network contact at a moment’s notice – so know what you do and be able to sell it in 30 seconds. While it may seem like you have to spend big to compete with the big players in the field, don’t get caught up in the whole idea of having big fancy offices and cars and expense accounts. Your finances are your businesses lifeline, so watch them carefully and keep those overheads low!  

Know there is no one way to succeed

There is an absolute stack of information out there for entrepreneurs. Delving into all of it, it is clearly evident that there is no clear path that guarantees success. Another thing to remember is that sometimes the biggest game-changing decisions for small businesses are made off the back of failure – so don’t be afraid to make some big mistakes, as long as you learn while you’re at it!    

Strive to prevail over adversity

There will be tough times – whether it is financial troubles, problems with staff, a lack of motivation, a loss of direction, or even personal issues - every business has to tackle some kind of barrier at some stage. Just bear in mind that these things will pass and, if you’re smart about the way you handle the issue, you can reduce the negative effects on your business and move on as quickly as possible.  

Innovate, innovate, innovate

It’s all about standing out from the competition when it comes to succeeding in small business, so keep on top of industry developments and take notice of what your main competitors are doing. Because your business is yours to run as you please, it is easy to get caught up in a routine of how you’ve always done things and forget to re-evaluate and readjust when your methods don’t seem to be working as well as they used to. The easiest way to help your business stay in the innovation game, keep asking yourself – is this the most efficient way I could be doing this?